unit 10.docx
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unit 10.docx
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unit10
unit10
BasicListeningPractice
1.Script
W:
Letmerecommendmybrothertoyou.He¡¯sreallydonewellinthestockmarketoverthelastfewyears.
M:
Therealquestionisthis:
Howhaveyoudinebytakinghisadvice?
Q:
Whatdoesthemanmean?
2.Script
M:
ManyinvestorsjumponIPOs,hopingtogetrichbygettingintoastockearlybeforeitgoesup.
W:
Butisn¡¯tthatabitlikebuyingabookwithoutreadingit?
Imean,whatifitdoesn¡¯tgoup?
Q:
Whatisthewoman¡¯sopinion?
3.Script
W:
TheDowwasdownagaintoday.It¡¯shardtomakemoneywhenhighfuelpricesarekillingthestockmarket.
M:
There¡¯sstillmoneytobemade.Ifyouboughtoilfuturesthreemonthsago,you¡¯dbesmilingrightnow.
Q:
Whatcanwelearnfromthedialog?
4.Script
M:
Ican¡¯twaittogetbacktomycomputer.Onlinesharetradinghastotallychangedthestockmarketandthelivesofinvestors.HookuptotheInternetandbeyourownbroker!
W:
Inotherwordsyoucancutoutthemiddlemannow.Forabout¡ç500,youcanopenanaccountandbeginbuyingandsellingsharesfromyourownhome,24hoursaday.
Q:
WhichofthefollowingistrueiftheywanttotradesharesontheInternet?
5.Script
M:
Holdontoyourhat!
We¡¯llberich.I¡¯mbuyingsharesinanewcompany.
M:
Youcan¡¯tbuyIPOsharesunlessyouhaveabigactivewithabroker.Thedayofdot-comfortunesfromIPOsareover.
Q:
Accordingtotheconversation,whatistheconditionforbuyingIPOshares.
1.D2.C3.A4.B5.C
ListeningIn
Task1:
Tellmeaboutthestockexchange.
Script
George:
I¡¯msupposedtogiveapresentationonthestockexchange,butIdon¡¯tyetknowathingaboutit.Couldyougivemesometips?
Diana:
Theproblemwithyouisthatyou¡¯veskippedtoomanyclasses.Now,letmegiveyouafewtips.Firstofall,youneedtodefinethestockexchange.It¡¯sanorganizationofbrokersandinvestmentbankers.InEuropeitisoftencalledabourse.
George:
Couldyoutellmemoreaboutit?
Like,howdoesitwork?
Diana:
Itprovidesfacilitiesforthetradingofcompanystocks,mainlythelocationandtherecord-keepingdevices.
George:
CanIgoandtradethere?
Diana:
Itdepends.Youhavetobeamemberoftheexchangebeforeyoucanbuyandsellsharesthere.Theycallithaving¡°aseat¡±ontheexchange.
George:
Somethingtheyusetheterm¡°stockmarket¡±.
Diana:
Well,thetradingofstockonstockexchangesiscalledthestockmarket.
George:
Howcanacompanybelistedonthestockexchange?
Diana:
Ithastomeetcertainrequirements.TobelistedontheNewYorkStockExchangelastyear,forexample,acompanyhadtohaveissuedatleastamillionsharesofstockworth¡ç16andhadtohavehadmorethan¡ç2.5millionnetincome.
George:
Wow,that¡¯sahugesum!
Smallcompanieshaven¡¯tgotachance.
Diana:
Bigcompanieshavemoreinfluenceonthestockpricesafterall.
George:
Iseewhatyoumean.
StockexchangeathingsometipsdefineinvestmentbankersEuropeamemberstockmarketrequirementsamillionsharesnetincome
Task2:
StockbrokerhelpsMr.Junkietoshort
Script
ABCstockreached¡ç155.¡°¡ç155¡±forastockthatshouldbevaluedat¡ç100.Wow!
¡°That¡¯sit,¡±Isaidtomyself.¡°It¡¯stimeImakeadecision.I¡¯mgoingtoshortthatstock.¡±Ithoughttomyself,¡°Thisstockisovervalued.Itcan¡¯tremainatthepresentlevelforlong.Thismeansmoneyinthebank.¡±
SoIphonedmybroker.
¡°Iwanttoplaceatrade.Iwanttoshort1,500sharesofABC.
¡°I¡¯msorry,Mr.Junkie,¡±hesaid,¡°Ican¡¯tprocessthatforyou.Youraccountiscashaccount.Youneedamarginaccounttoshortastock.Icansendyoutheapplicationformoryounearestfinancialinstitutiontofillouttheforms.¡±
TheminuteIgotofthephone,Iheardoutthedoorbecausetimeismoney.Irantothefinancialinstitutiontofillouttheformandsentittothebrokerbyexpressmailservice.NextmorningIcalledhim.
¡°Hello,it¡¯sMr.Junkie.Didyougetmyapplication?
¡°Yes.¡±
¡°Great,IwouldliketoshortABCthen.¡±
¡°Oneminuteplease¡I¡¯msorry,Mr.Junkie,butyounowneedashorter¡¯saccount.¡±
¡°What!
Youmeanthemarginaccountisn¡¯tenough?
¡±
¡°No,youalsoneedashorter¡¯saccount.Anyfinancialinstitutionnearbyhastheforms.¡±
OffIranagain.Icompletedtheformandhadataxidelivertomybroker.IntheafternoonIcalledagain.
¡°Hello,it¡¯sMr.Junkie.Iwanttoshort1,500sharesofABCat¡ç155.¡±
Afewmomentslaterheanswered,¡°Mr.Junkie,Iamsorry,butIdon¡¯tthinkthatispossible.¡±
¡°Whynot?
¡±
¡°Well,thelasttradewentthroughat¡ç99.¡±
F1.ThebrokerdidnotbelieveABCstockcouldremainat¡ç155forlong.
T2.Mr.Junkiewantedtoshort1,500sharesofABC.
T3.Mr.Junkiecouldgetamarginaccountthrougheitherafinancialinstitutionorhisbroker.
T4.Toshortastock,oneneedsbothamarginaccountandashorter¡¯saccount.
F5.Mr.Junkieaskedataxidrivertheformsforamarginaccounttothebroker.
Task3:
WhoamIifIownstocks?
Script
Whenapersonbuysstocksinacompany,thatpersonbecomesashareholderinthatcompany.Stockholderisanothernameforshareholder.Ashareholdercanalsobecalledaninvestorofthecompany.Whenthatcompanymakesmoney,whichcanalsobecalledearnedincomeorprofit,thevalueofthecompany¡¯sstockoftenincreases.That¡¯sbecausemorepeoplemaybecomeinterestedininvestinginthecompany.Sometimes,shareholdersreceiveadividend,whichispartofthecompany¡¯searnedincomes,intheformofacashpayment.
Somepeopletrytomakemoneybybuyingandsellingstocks.Stockpricescanmoveupanddown.Shareholdersmaymakemoneyorlosemoneybysellingstocksthattheyown,dependingonwhetherthepricehasgoneupordownsincetheyboughttheirshares.Acompany¡¯sstockpricemaybeaffectedbymarketoreconomicconditions.Forexample,let¡¯ssaythatBCDEnterprisesisasoftwarecompanythathasintroducedanewvideogameintothemarket.Ifthatgameisahit,salesofthevideogamecouldboostthecompany¡¯searnings.BecauseofthepotentialforBCDEnterprisestogrow,itsstockmaybeviewedasanattractiveinvestmentanditsstockpricemaygoupasmorepeoplebuyitsshares.Ontheotherhand,let¡¯ssaythevideogamethatBCDEnterprisesintroducedisaflop.Or,itcouldbeagoodtime,butBCDintroduceditatatimewhenpeoplearespendinglessonleisureproducts,andhardlyanyoneisbuyingthegame.Soit¡¯sreportedthatBCDislosingmoneybecauseofthisnewproduct.ThenthestockpriceforBCDEnterprisesmaygodownifanumberofshareholdersdecidetoselltheirshares.
1.Whatisthepassagemainlyconcernedwith?
C)Theinfluenceofshareholders¡¯buyingandsellingonacompany.
2.WhichofthefollowingisNOTthesameasashareholder?
B)Apersonsellingsharesonbehalfofothers.
3.Whatmayaffectacompany¡¯sstockprice?
D)Alloftheabove.
4.Accordingtothepassage,whichofthefollowingistrueifacompany¡¯sproductisgood?
A)Thecompany¡¯sstockpricemaygoup.
5.WhydoesthespeakermentionBCDEnterprises?
D)BCDisusedasanexampletoillustratethestockmarketprinciples
SpeakingOut
MODEL1Thestockmarketisdrivenbyfearandgreed.
Chris:
Nora!
Nora:
HeyChris.Whythebiggrin?
Youlooklikethecatthatswallowedthecanary.
Chris:
Evenbetter.AnuncleIhardlyknewpassesawayandleftaninheritanceof¡ç100,000.SonowI¡¯mthinkingofmakingsomeinvestments.
Nora:
Goodidea,thouhitwouldbemorefunifwespentittogether.Whatsortofinvestmentdoyouhaveinmind?
Chris:
Thestockmarketislookingattractive.It¡¯sbeenabearmarketforseveralyearsnow,andIthinkstockpricesareprettydepressed.
Nora:
Thedeclingmarkethasinvestorsdepressed,too.
Chris:
Butallthingsworkincycles.Abearmarketwilleventuallybefollowedbyabullmarket.
Nora:
That¡¯ssure.I¡¯vebeenreadingthatinvestorsarecomingbacktothemarket,andthatwilldriveupthevalueofstocks.
Chris:
Ibelievethemarketispickingup.
Nora:
Butthere¡¯sstillarisk.Wars,weatherproblems¡ªalltheseimpactincestors¡¯confidence.
Chris:
Iknowwhatyoumean.Thestockmarketisdrivenbyfearsndgreed.Wheninvestorsarecinfidentodmakingofafortune,theybuy¡ªthat¡¯sgreedatwork.
Nora:
Butalongcomessomethingtoshaketheirconfidence¡
Chris:
Likeariseininterestrates,forexample,andbingo,theybecomeafraidthattheymightlosetheirshares,sotheypulloutofthemarket.
NowYourTurn
A:
I¡¯vesavedalotofmoneyoverthepastyears,andnowI¡¯dliketoinvestitforaprofit.
B:
Whatsortofinvestmentdoyouhaveinmind?
A:
Thestockmarketislookingattractive.It¡¯sbeenabearmarketforseveralyearsnow,andIthinkstockpricesareprettydepressed.
B:
Thefallingmarkethasdiscouragedmanyinvestors.
A:
Butallthingsworkincycles.Abearmarketwilleventuallybefollowedbyabullmarket.
B:
That¡¯strue.Whenthemarketdoestouchitsbottom,it¡¯llrebound.
A:
Ihopetheinvestorswillsooncomebacktothemarketanddriveitup.
B:
Butthere¡¯restillrisks.Wars,weatherproblems¡ªalltheseaffectbuyers¡¯confidence.
We¡¯renotsureifthemarkethasreacheditsbottom.
A:
Thebearmarkethaslastedoverfouryears;Ithinkit¡¯stimeforittopickup.
B:
It¡¯sreallyhardtosay.TheJapanesestockmarkethashadabearrunofabouttenyears.
A:
Really?
B:
AndwhenNASDAQfellfrom5,000pointsto3,000points,somepeoplebelieveitwasagoldenopportunitytoenterthemarket.Thenthemarketplunged.
A:
Sothestockmarketisreallyrisky.Imaylosemoney.
B:
Andmaybeevenyourshirts.
A:
Well,perhapsI¡¯dbetterputmymoneyonthebank.
Thestockhastobelaunched.
Hel
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- unit 10